Bankruptcies decreased 11.7% from January to September

The number of bankruptcies recorded in Finland decreased by 11.7% in the first nine months of the year, despite the coronavirus crisis.

According to Statistics Finland, 1,745 bankruptcies were filed in January–September 2020, which is 230 (11.7%) less than in the corresponding period a year earlier.

But even though they are fewer in number, bankruptcies have affected more workers. The total number of employees in companies filed for bankruptcy was 9,300, which is 73 people (0.8%) more than in the previous year.

Decline in all sectors

The number of bankruptcies decreased in all main industries.

In absolute numbers, bankruptcies decreased the most in the construction sector, where 336 bankruptcies were filed, which is 73 bankruptcies (17.9%) less than a year earlier.

Initiating a bankruptcy does not always mean that a company or professional is "going bankrupt" in the strict sense of the term. Bankruptcy is a complex and multi-stage legal process in which the proceedings may be interrupted and businesses can be saved, for example after restructuring debt.